Clean energy company Avaada Power is looking to set up floating solar projects and for this it is in talks with various states governments and expects some large tenders to be floated in the next 2 months.

Speaking on the matter, Avaada Group, Chairman, Vineet Mittal said, the floating solar segment has a potential to generate 300 GW of power across the country.

Mittal added that, “We believe this is the next growth story in the solar space. We are in talks with various states and hope within the next two months some large tenders will be floated.”

Avaada plans to increase its installed solar capacity to 5,000 MW in the next 4 years, from 1,000 MW at present and expects a significant share to come from the floating solar power segment.

Chairman said that he is also hopeful of some policy framework to come up on feed-in tariffs (FiT), which encourages floating solar projects.

According to media reports, states like Andhra Pradesh, Kerala, and West Bengal are likely to float tenders for floating solar projects in the coming months.

Floating solar projects should be encouraged as land becomes a constraint while setting up ground-mounted solar capacities, he added.

Mittal further added that “We have so many dam reservoirs and ponds among others where such FSPs (floating solar projects) can be set up. It will also solve two problems – energy security and water security. Nearly 30 percent water evaporation loss will go away and water quality will improve. Besides, setting up of FSPs can also boost tourism. So, it’s a win-win situation and it is not that expensive.”